Al Ahli Bank of Kuwait – Egypt says 9-month net profit hits EGP 1.3bn
Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) reported on Sunday a 104.8 percent year-on-year growth in net profit for the first nine months of the year, continuing its robust performance in the Egyptian market.
Net profit recorded 1.3 billion Egyptian pounds ($53.4 million) at the end of September 2022. Net Interest Income reached 1.96 billion pounds, marking a 26.6 percent increase from 1.55 billion pounds in the same period last year.
Total assets rose 15.7 percent to 65.7 billion pounds compared to 56.8 billion pounds in December 2021 driven by strong business performance. Customer Deposits saw a year-on-year growth of 19.4 percent to 57.2 billion pounds compared to 47.9 billion pounds at the end of 2021. Total gross loans portfolio grew by 18.4 percent to 32.4 billion pounds, from 27.4 billion pounds in December 2021.
“The outstanding results achieved this year reflect the success of our long-term strategy that targets achieving sustainable growth and expanding our presence in the Egyptian market and is in full alignment with Egypt’s economic vision.” Ali Marafi, Chairman of ABK-Egypt, said.
Khaled El Salawy, CEO and Managing Director of ABK-Egypt said: “ABK-Egypt succeeded in achieving unprecedented results on all financial performance indicators with a solid financial position …,”
El Salawy also praised the outstanding performance on both growth and profitability fronts despite the challenges faced due to the turbulent local and global economic climate, ensuring that the Bank stands on solid footing and maintains focus on its business priorities and the ambitious strategy adopted since entering the Egyptian market.
“As we report another successful quarter of the year, I extend gratitude to our employees for their dedication and determination, which has helped us navigate numerous challenges and achieve these results.
“Over the coming period, we will continue in our pursue towards strengthening our growth momentum and market share through developing the capabilities of our people, enhancing our competitive advantage across all sectors, enabling our digital services, and expanding our network presence in the country to best serve the rising needs of our customers and attract new segments.” El Salawy concluded.
ABK-Egypt remains committed to promoting values of social responsibility by supporting the communities in which it operates and raising awareness on financial literacy amongst unbanked segments. The bank works collaboratively with non-profit organisations, government agencies and community entities to provide the necessary support that best meets its objectives. In addition, it will continue to work alongside the central bank of egypt (cbe) to further support small and medium enterprises and limit the obstacles that this high impact segment is facing to enable them to grow and drive economic prosperity.
